Bitcoin (BTC-USD) and other major cryptocurrencies are slumping in Friday morning trading, while stocks extend their week-long rally heading into Memorial Day weekend. Specifically, bitcoin (BTC-USD -2.1%) is slumping to $28.6K as of shortly before 11:00 a.m. ET. Ether (ETH-USD -5.2%) is dipping to $1.75K. Solana (SOL-USD -6.2%), avalanche (AVAX-USD -8.3%), near protocol (NEAR-USD -8.3%) and apecoin (APE-USD -10.3%) are among some of the biggest intraday percentage decliners. On the flip side, all three major U.S. stock indices are marching higher, with Dow Jones (DJI) +0.8%, S&P 500 (SP500) +1.5% and Nasdaq (COMP.IND) +2.1%. As liquidity remains low in risk assets, “things could get weird” over the long weekend, as increasing leverage and a slew of macro headwinds like tighter monetary policy “could lead to large price swings, and potentially further volatility to the downside in the immediate term,” said Sean Farrell, head of digital-asset strategy at Fundstrat, as reported by Bloomberg. For context,
